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American Prospects

A Small Step for the Fiscal Cliff

December 6, 2012

Despite the daily drumbeat of news coverage parsing every statement that comes out of Congress, there has been minimal progress toward a deal to avert the tax increases and spending cuts that will be triggered on January 1. Save a handful of possible apostates who have critiqued Grover Norquist's no-tax pledge, the Republican bloc has largely refused to contemplate any rate increases for the top tax bracket. Obama has all the leverage. All of the Bush tax cuts expire at the start of 2013; should that happen, the president can (correctly) accuse Republicans of grandstanding against middle-class tax cuts only to spare the upper echelon from paying a t

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